The latest report on Tire Pressure Monitoring System Market by Infinium Global Research gives complete coverage of the tire pressure monitoring system market by type (direct, indirect tire pressure monitoring system (TPMS)), technology (conventional TPMS, and intelligent TPMS), vehicle type (commercial vehicles, and passenger vehicles), sales channel (aftermarket, OEMs) in terms of key trends, market size, forecast and CAGR growth over the period of 2019 to 2025. In addition, the study covers deep dive into key product and application trends in the regional markets of tire pressure monitoring systems such as North America, Europe, Asia-Pacific and Latin America over the short run and long run.
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Road Safety Remains the Prime Driving Force for the TPMS Industry
The tire pressure monitoring system (TMPS) is an electronic system in the vehicle that monitors the pneumatic tire air pressure and alerts the driver when it falls low. The TPMS low tire pressure indicator is a yellow horseshoe-shaped symbol that resembles the shape of a tire cross-section with an exclamation mark that illuminates on the dashboard instrument panel. TPMS are provided both at an OEM (factory) level as well as an aftermarket solution. There are two different types of systems being used: Direct (DTPMS) and Indirect (ITPMS).
DTPMS comes with a sensor mounted in the wheel to measure the air pressure in each tire. When air pressure in the tire drops below 25% of the manufacturer’s recommended level, the sensor transmits that information to the car’s computer system and triggers the dashboard indicator light. In ITPMS, the car’s antilock braking systems (ABS) wheel speed sensors detect the tire pressure by its speed. The tire will roll at a different wheel speed than the other tires if its pressure is low. This information is transmitted to the car’s computer system, which triggers the dashboard indicator light.
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Stability of the Vehicle and Low Tire Wear Add to the Growing Demand Of TPMS
TPMS was developed with an alliance of the TREAD act passed by the US Congress keeping in mind the road safety issues. By the TREAD Act, the cars manufactured after 2006 have to have TPMS. Hence, road safety remains the prime driving force for the TPMS market. Furthermore, advantages of TPMS including increased fuel efficiency, MPG, and stability of the vehicle and low tire wear add to the growing demand of TPMS.
Additionally, the growing production of vehicles with advanced features has also helped the TPMS market to grow. However, the maintenance cost and cost of TPMS itself is high, it may hamper the growth of the market. Having said that many of the automobile manufacturers are still adopting TPMS and its demand is growing among the car manufacturers.
Geographically, the Asia-Pacific region is the leader in the global TPMS market. Growing population, which leads to the growing number of vehicle users, and increasing salaries of individuals which leads to their improved living standards are the major factors influencing the growth of the TPMS market in the Asia-Pacific region. Besides, the economies in the Asia-Pacific region such as China, India, Japan, and South Korea are expanding and thus are demanding for vehicles with advanced features.
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Reasons to Buy this Report:
- Comprehensive analysis of global as well as regional markets of the tire pressure monitoring system.
- Complete coverage of all the product types and application segments to analyze the trends, developments, and forecast of market size up to 2025.
- Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
- Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.